Hi Ricstar
I think this will make some on this thread feel better.
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Wednesday December 31, 3:15 pm Eastern Time
Company Press Release
Clearwater Fund Makes Additional Investment In Nexar Technologies, Inc.
CLEARWATER, Fla.--(BUSINESS WIRE)--Dec. 31, 1997--Clearwater Fund IV, LLC, a private investment company which invests in technology growth companies, announced that it has acquired an additional 700,000 shares of common stock in Nexar Technologies, Inc. (Nasdaq:NEXR - news), a manufacturer of customizable and upgradable PCs. Clearwater acquired the shares from Palomar Medical Technologies, Inc., (Nasdaq:PMTI - news), which as a result of this transaction is no longer the majority stockholder of Nexar. This represents Clearwater's second major transaction with Palomar in the acquisition of shares in Nexar. Clearwater announced on October 15, 1997 that it had acquired 1,060,736 shares of Nexar common stock from Palomar.
''We feel strongly that the recent distribution agreements that Nexar signed with Computer City and other resellers shows that market acceptance of the Nexar XPA PC is growing,'' said Rick Heye, president, Clearwater Fund IV. ''Clearwater's investment strategy is to identify companies with significant growth potential and it is evident to us that Nexar has a better solution for addressing customer's concerns about cost of PC ownership.''
Nexar Technologies, Inc., headquartered in Southborough, MA, develops, manufactures and markets high-performance, competitively-priced personal computers (PCs) based on patented technologies. Unlike conventional PCs, Nexar systems permit (i) resellers to offer a custom-configured PC on demand and (ii) end users to easily upgrade important components of the PC to accommodate emerging and future technologies resulting in a significant extension of the computer's useful life.
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Contact:
Clearwater Fund IV, LLC Nexar Technologies, Inc.
Gerard P. Melia Gerald Y. Hattori
813/442-0825 508/485-7900, x230
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